Saudi Arabia’s crude oil exports dropped in June to the lowest level in 21 months, the latest data by the Joint Organizations Data Initiative (JODI) showed

An OPEC+ ministerial panel, called the Joint Ministerial Monitoring Committee, decided to maintain the group’s current oil output policy during a meeting

Saudi Arabia will extend a voluntary oil output cut of one million barrels per day for another month to include September, it said, adding it could be extended beyond that or deepened

OPEC+ is unlikely to tweak its current oil output policy when a panel meets on Friday, as tighter supplies and resilient demand drive an oil price rally

Commerzbank cut its 2023 and 2024 oil price forecasts, reflecting pessimism in the market over the economic outlook despite supply cuts from key producers that could contribute to a deficit

OPEC’s forecast for 2024 will likely be lower than the growth it expects this year of 2.35 million barrels per day, or 2.4 percent, an abnormally high rate as the world moved out of the pandemic

Morgan Stanley lowered its oil price forecasts, predicting a market surplus in the first half of 2024 with non-OPEC supply growing faster than demand next year

Saudi Arabia and Russia, the world’s biggest oil exporters, deepened oil cuts, sending prices higher despite concerns over a global economic slowdown and possible further interest rate hikes from the US Federal Reserve

OPEC oil output has fallen only slightly in June as increases in Iraq and Nigeria limited the impact of cutbacks by others, despite a wider OPEC+ deal and voluntary cuts by several members to support the market

Iran’s crude exports and oil output have hit new highs in 2023 despite U.S. sanctions, according to consultants, shipping data and a source familiar with the matter